电子货币的货币乘数效应：基于中国的实证分析

 摘　　要:本文选取我国1990—2004年电子货币的样本数据，以及电子货币与货币乘数相关的变量，建立计量经济模型，对电子货币与货币乘数的相关性进行了统计检验。实证结果表明，电子货币对货币乘数具有放大效应，增强了货币乘数的内生性，加大了中央银行控制货币供给的难度，从而降低了货币政策的有效性。

The Monetary Multiplier Effect of Electronic Money:Based on the Experimental Analysis of China

The paper establishes econometric models with variables of electronic money and monetary multiplier. Applying the data of electronic money from 1990 to 2004 of China, it conducts statistical test of relativity between electronic money and monetary multiplier. The experimental analysis shows that electronic money has higher monetary multiplier effects, enhances the endogenesis of money multiplier, increase the difficulty for central banks to control money supply, and thereby decrease the effectiveness of monetary policy.